This book provides a political economy analysis and an economic impact assessment of climate change policy. The analysis shows that the design of market-based instruments of climate policy can be explained by the behavior of environmental regulators who maximize their political support. The consideration of preferences of sectoral interest groups in regulatory decisions can induce economic inefficiencies in terms of a sectoral differentiation of environmental taxes or an asymmetric allocation of tradable emissions permits to parts of the economy. In turn, the design of climate policy instruments plays a decisive role for the associated economic impacts. The book argues that the economic benefits of linking domestic emissions trading schemes of industrialized nations depend on the sectoral scope of these schemes and the stringency of allowance allocation. Establishing regional flexibility of emissions reductions, e.g. via the access to carbon abatement options in developing countries, further improves the prospects for a cost-efficient and ambitious implementation of future climate policy.
This book focus on carbon emission and its trading and touches the aspect and scenario of environmental carbon trading in International market and the future options in carbon trade market. It also throws light on evaluation of carbon foot print of municipalities and possibilities of its reduction by improving the lifestyle and activities of households. A case study of a small city is also included to understand the effect of household characteristics and lifestyle of municipalities on carbon footprint.
This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject.The volume consists of four sections: Electricity Markets, Real Options, Trading in Commodity Markets, and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of exhaustible resource management and analysis of commodity ETFs. The volume also includes two survey articles that provide a source for new researchers interested in getting into these topics.
Diploma Thesis from the year 2008 in the subject Environmental Sciences, grade: 1, University of Applied Sciences Burgenland (Nachhaltige Energiesysteme), language: English, abstract: Climate Change is real, and the impacts on ecology, economy and human lifestyle are expected to be tremendous.In order to effectively but also cost efficiently combat climate change, market based instruments are being used in environmental policy. Certificate schemes have been and are being created for trading of greenhouse gas reductions (Grey Certificates), renewable energy (Green Certificates) and energy efficiency (White Certificates).So far, Europe is the frontrunner in implementing especially Greenhouse Gas emission trading schemes. However, as climate change is a global problem, similar markets should be established all over the world and ideally be linked in order to achieve economic optimal solutions.This thesis describes characteristics of the different instruments and trading schemes (Grey, Green and White Certificates) and identifies major design parameters of the systems with the focus on compatibility and potential for establishing links between schemes of the same type or among the certificate types. Implications of establishing links, which can be planned and wanted but also conflicting with other goals, are discussed. As greenhouse gas emissions trading schemes are the most developed and experienced trading schemes in climate change policy, the focus of this work lies on the analysis of the different Greenhouse Gas emission trading schemes (ETS). For the compatibility analysis of ETS, the EU ETS is chosen as reference system.An outlook for near-term linking options and a summary conclude the analysis based on the findings of the work.As more and more environmental policies and instruments emerge around the world due to rising awareness for the problem of climate change, this thesis gives an overview but can not cover all different certificate systems in place and planned.
Master's Thesis from the year 2011 in the subject Economy - Environment economics, grade: 1.1, , course: International Business, language: English, abstract: Emitting half of the greenhouse gases in industrialised countries, the oil and gas sector plays a central role in global GHG emissions. Environmental regulations such as the EU ETS emerged to fight climate change by reducing GHG emissions. Although those regulations increasingly affect oil and gas companies, specific implications of the EU ETS on business strategies are widely unknown. Therefore, this dissertation explores strategic responses to the EU ETS and analyses the impact of the regulation on the oil and gas sector. A strategic response framework, derived from the literature review, provides the basis for the analysis and is consequently adapted to the research findings. Empirical case studies of BP and Shell, combine secondary data and expert interviews to identify and further outline specific responses to the EU ETS. The research findings indicate that the EU ETS significantly impacts business strategies of oil and gas firms. The resulting strategic responses are mainly influenced by regulatory pressure, economic factors and competitive implications. Responses in various corporate, managerial and operational areas could be identified. From a corporate perspective, oil and gas companies support the EU ETS, as a trading scheme for carbon is preferred to other options, such as carbon taxes. Managerial responses comprise the introduction of environmental risk management systems, incorporating a carbon price into investment decisions, and the establishment of carbon trading teams, mitigating the costs of the EU ETS. Operationally, oil and gas firms responded directly by engaging in carbon trading and investing in Carbon Capture and Storage technologies. While, process improvements and lower emission generating products such as natural gases and biofuels are responses triggered by the EU ETS, investments in renewables are not affected. Additional findings of the research are the high probability that carbon and investment leakage will take place as well as the significant impact, the EU ETS might has on M&A and outsourcing decisions, depending on the carbon price.
Sustainability holds the promise of an exciting new approach to business &#8211; one in which business goals are aligned with social and environmental goals. Multinational corporations are recognizing that we live in an increasingly resource-constrained world, and that more accountability for corporate social and environmental impacts will accrue to them. More importantly, forward-thinking executives understand that sustainability can present new opportunities for competitive advantage &#8211; whether that is by reducing costs, minimizing risk, appealing to increasingly conscientious customers, or reaching new markets entirely.With the growth of this field comes a host of interesting new career opportunities for MBAs. As companies are grappling with challenges like how to develop social return on investment (SROI) metrics or understand the potential impact of corporate carbon footprints on stock prices, there are new opportunities for the next generation of managers &#8211; managers who are not only trained in traditional MBA fundamentals but also grounded in an understanding of the multifaceted social and environmental challenges facing 21st-century global business leaders. Entirely new career paths are opening to MBAs interested in sustainability: sustainable venture capital, green marketing, corporate social responsibility management, carbon credit trading, and sustainability consulting, to name a few.Perhaps even more than corporate executives, MBA students understand this trend. The next generation of managers can see that the future of business will require a new set of skills and responsibilities. Between 2003 and 2008, membership in Net Impact, the global organization for MBAs and business professionals interested in sustainability, increased more than fourfold. By March 2009, over 130 business schools had a Net Impact chapter. Around the world, MBA students realize that a different model will be required for businesses in the coming decades. The career paths that fall under the broad umbrella of 'sustainability' are as diverse as the MBA students themselves. One student may be interested in social entrepreneurship in West Africa, and the next will be seeking advice about clean-tech venture capital careers in Silicon Valley; a third will be interested in greening global supply chains. Corporate social responsibility, sustainable product marketing, microfinance, green real estate development, renewable energy, and other interests all likewise fall under the sustainability umbrella at times. Because of this diversity, it is often hard for business schools' career management centers to address sustainability-related career options in a comprehensive way. Many sustainability-related companies and nonprofits are not accustomed to on-campus recruiting. Others have not historically hired MBAs at all. MBA students and alumni interested in sustainability careers are often left to navigate their own internship and job search paths. And, often, they struggle. Profession and Purpose has been written to address this urgent need. Whether you are focused on an off-campus search or participating in the on-campus recruiting process, there are a host of sustainability-specific career resources you should know about. You'll need to be well versed in sustainability news and trends, and network at the right events, conferences, and company presentations. You also need to know about industry- and discipline-specific websites that post sustainability jobs for positions with titles like Corporate Social Responsibility Manager, Socially Responsible Investing Analyst, and Renewable Energy Market Analyst.Through hundreds of conversations with MBA students, professionals, and recruiters, as well as her own personal experience, the author has compiled the key job search resources and tips for MBAs interested in sustainability careers. The book provides ideas for researching companies, making the most of your networking, identifying job and internship openings, and preparing for interviews. No matter what stage of your MBA career search process you're in, this book will help you better understand your career options in the many fields of sustainability, direct you to the best resources and help you to fine-tune your
The international framework for a climate change agreement is up for review as the initial Kyoto period to 2012 comes to an end. Though there has been much enthusiasm from political and environmental groups, the underlying economics and politics remain highly controversial. This book takes a cool headed look at the critical roadblocks to agreement, examining the economics of climate change, the incentives of the main players (the US, EU, China) and examines the policies governments can put in place to reduce greenhouse gas emissions, and ultimately shift our economies onto a low-carbon path. The volume brings together leading climate change policy experts to set out the economic analysis and the nature of the negotiations at Copenhagen and beyond. In addition to reviewing the main issues discussed above, a number of the articles question the basis of much of the climate change consensus, and debate the Stern Report's main findings. The book is in four parts. Following an overview of the main issues, the first part is a reassessment of the economics of climate change. This is fundamental to the rest of the volume, and it contains new material which goes well beyond what might be called the new conventional wisdom. The second part looks at the geography of the costs and benefits of climate change - the very different perspectives of Africa, China, the US and Europe. These chapters provide a building block to considering the prospects for a new global agreement - the very different interests that will have to be reconciled at Copenhagen and beyond. The third part looks at policy instruments at the global level (whereas much of the literature to date is nationally and regionally based). Trading and R&D feature in the chapters, but so too do more radical unilateral options, including geo-engineering. Part four turns to the institutional architecture - drawing on evidence from previous attempts in other areas, as well as proposals for new bodies.
'The first port of call for anyone looking to truly understand derivatives markets, appreciate the role they play within the global financial system and develop the technical knowledge to trade.' Matthew Thompson, Chief Strategy & Business Development Officer, Dubai Mercantile Exchange 'An essential read for anyone serious about understanding the impact of derivatives and technology on the global financial market.' Kevin Thorogood, Global Head, Investment Banking/Energy Trading, Thunderhead Ltd 'We have used Francesca for training on derivatives in the past. She demonstrates a passion for these markets and for learning. In a fast changing world, the combination of technical learning and practical experience that Francesca applies is helpful in keeping abreast of market developments.' Rachael Hoey, Director, Business Development, CLS YOUR ESSENTIAL COMPANION TO THE DERIVATIVES MARKETS Mastering Derivatives Markets provides full up-to-the-minute explanations &#8212; with worked examples and screen shots &#8212; covering the basics of options, swaps and futures across the key asset classes: rates, currency, equity, commodity and credit. This book is relevant to anyone working within the financial markets, from the new entrant to the seasoned trader looking for updates, and to non-trading personnel working in IT, legal, compliance, risk, credit and operations. Please note that the 'look inside' feature is currently displaying the content of Mastering Derivatives Markets Third Edition, this will be updated soon. Mastering Derivatives Markets Fourth Edition has been completely revised and features new chapters on: The most up to date thinking in the market OTC clearing Regulation Benchmarking Electronic futures trading in the FX market New insights into the commodities markets Carbon trading and environmental products
Structured Products Volume 2 consists of 5 Parts and 21 Chapters covering equity derivatives (including equity swaps/options, convertible securities and equity linked notes) , commodity derivatives (including energy, metal and agricultural derivatives), credit derivatives (including credit linked notes/collateralised debt obligations ('CDOs')), new derivative markets (including inflation linked derivatives and notes, insurance derivatives, weather derivatives, property, bandwidth/telephone minutes, macro-economic index and emission/environmental derivatives ) and tax based applications of derivatives. It also covers the structure and evolution of derivative markets including electronic trading markets and the origins, evolution and prospects for derivative markets. EQUITY LINKED STRUCTURES 1 Equity Derivatives - Equity Futures; Equity Options/Warrants & Equity Swaps 2. Convertible Securities 3. Structured Convertible Securities 4. Equity Linked Notes 5. Equity Derivatives - Investor Applications 6. Equity Capital Management - Corporate Finance Applications of Equity Derivatives COMMODITY LINKED STRUCTURES 7. Commodity Derivatives - Commodity Futures/Options, Commodity Swaps and Commodity Linked Notes 8. Commodity Derivatives - Energy (Oil, Natural Gas and Electricity) Markets 9. Commodity Derivatives - Metal Markets 10. Commodity Derivatives - Agricultural and Other Markets CREDIT DERVIATIVES 11. Credit Derivative Products 12. Credit Linked Notes/Collateralised Debt Obligations 13. Credit Derivatives/Default Risk - Pricing and Modelling 14. Credit Derivatives - Applications/Markets NEW MARKETS 15. Inflation Indexed Notes and Derivatives. 16. Alternative Risk Transfer/Insurance Derivatives 17. Weather Derivatives 18. New Markets - Property; Bandwidth; Macro-Economic and Environmental Derivatives 19. Tax and Structured Derivatives Transactions EVOLUTION OF DERIVATIVES MARKETS 20. Electronic Markets and Derivatives Trading 21. Financial Derivatives - Evolution and Prospects